Tax Lien Lawyers in Volusia County
In Volusia County, Florida, a "lien" is a security interest placed on a piece of property, normally land or a house, to secure the payment of a debt. It typically gives a creditor the right to take ownership of any equity that exists in the property, to secure the payment of the debt. If the owner sells the property, the creditor may also be entitled to the funds of the sale, up to the amount owed. It can also give the holder of the lien a higher priority status, giving them an advantage over competing creditors, if the debtor files bankruptcy.
In Volusia County, Florida, a "tax lien" is simply a lien imposed by the government to compile back taxes from a citizen or corporation, when other methods for collecting have failed.
However, a tax lien in Volusia County, Florida will be ineffective if the debtor doesn't own any valuable property to encumber with a lien. As with any debt, the creditor can't collect if the debtor doesn't have any assets. Nonetheless, a tax lien can be applied to property that the taxpayer gains after the lien goes into effect.
Tax Lien Procedure in Volusia County, Florida
The actual process of setting up a Volusia County, Florida tax lien is normally pretty simple. The agency responsible for collecting taxes must first decide that a tax lien is warranted, normally by finding that the debtor owes a significant amount of back taxes.
They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a specific period of time (normally 10 days) to pay what they owe.
If the deadline passes without payment, most tax liens in Florida take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.
Nonetheless, if the federal government does not seek to enforce a tax lien in Volusia County, Florida within 10 years of imposing it, federal law dictates that the lien automatically expires. This is effectively a statute of limitations on a tax lien, meant to encourage the federal government to collect its taxes in a reasonable period of time, and guarantee that property is not encumbered by a lien forever.
How Can a Volusia County, Florida Tax Lien Lawyer Help?
If the federal government, or the government of Florida informs you that they intend to place a tax lien on your property, you will likely face some pretty difficult and daunting legal issues.
Fortunately for you, tax lawyers in Volusia County, Florida are experts at dealing with matters such as these, and can make sure your rights are safeguarded, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.